NEW ZEALAND BORROWING.

Press, Volume LX, Issue 11483, 16 January 1903, Page 5

NEW ZEALAND BORROWING.

.MR McCULLOCH AND MR SEDDON

(SPECIAL TO "THE FBESS.") WELLINGTON, January 15. The following letter from the Hon. Mr McCulloch, which appears in to-night's "Post," deals with a statement made recently to the effect that the underwriters in London had been sounded regarding fi New Zealand loan: — " Sir, —Your issue of 28th October has been brought under my notice, in which Mr Duthie, when addressing a public meet ing in your town, called attention to a statement made by Mr Seddon that I hod, in referring to the sounding of the London underwriters regarding a New Zealand loan, utl.red 'a sordid untruth.' I did think that Mr Seddon knew me well enough not to make such a statement without making sure of k.s facts. Mr Duthie told the meeting the true facts, and I wish to publicly thank him, although a stranger to me. What I said, and still believe to be true, was, in speaking about the Australian borrowing, 'the Australian colonies must not think of floating loans ih London,' 'that tbe underwriters were full of such steel,' and 'that they had been stuck with 95 per cent, of the last Victorian loan, which I had a hand in floating while in London,' ' that New South Wales had sounded the underwriters, but they would not touch a loan,' ' that, although Mr Seddon was made so much of, and deservedly so, for the splendid part taken by himself and New Zealand in the South Africau war, yet when the underwriters were sounded with respect to a loan for New Zealand they . ( would not touch it.' I never said, nor did I think, Mr Seddon had offered a loan. He is far too shrewd and able a man to do anything so foolish. I got my information from a gentleman largely interested in New Zealand—a friend of Mr Seddon's, and also of New Zealand. However, if Mr Seddon will deijy that the underwriters were sounded re a New Zealand loan, I will gladly withdraw the above etatement.—W. McCuUoch."